Bidding wars for houses begin to fade

Julie C. Nichols General

HousingWire – Kerri Ann Panchuk

Home sellers had it made back in March when 76% of offers submitted through real estate brokerage Redfin resulted in a massive bidding war among potential buyers. Redfin economist Ellen Haberle remembers those days well. "It was common to hear stories of people bringing in 30 or 40 offers," she said of the spring-selling season, "but now, they are lucky to get two."

The reality is times have changed, and the bidding wars have given way to a more subdued market in September – one in which only 58% of Redfin offers land in a such a situation. Experts attribute the mild slowdown to seasonal trends, rising interest rates and uncertainty about the overall economic landscape in September.

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